Investing.com - The euro was little changed against the U.S. dollar on Monday, following a speech by Federal Reserve Chairman Ben Bernanke on Friday, as investors looked ahead to the European Central Bank's policy setting meeting and U.S. jobs data later in the week.
EUR/USD hit 1.2587 during late Asian trade, the session high; the pair subsequently consolidated at 1.2575, dipping 0.01%.
The pair was likely to find support at 1.2492, Friday’s low and resistance at 1.2636, Friday’s high and a nine-week high.
The dollar remained under pressure after Bernanke said the Fed would act as needed to strengthen the U.S. economic recovery, but he stopped short of indicating that a fresh round of stimulus is imminent.
Speaking at the Fed’s annual symposium in Jackson Hole, Wyoming, Bernanke said the persistently high rate of unemployment was a “grave concern” and added that the bank’s easing program had been effective in providing “meaningful support" to the recovery.
Markets were looking ahead to U.S. government data on non-farm payrolls on Friday, to see if the labor market has improved.
Demand for the euro continued to be underpinned by expectations that the ECB is working on measures to help stabilize the euro zone's sovereign debt markets ahead of its upcoming meeting on Thursday.
The euro was slightly lower against the pound and the yen, with EUR/GBP slipping 0.09% to 0.7923 and EUR/JPY sliding 0.15% to 98.43.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while markets in the U.S. were to remain closed for the Labor Day holiday.
EUR/USD hit 1.2587 during late Asian trade, the session high; the pair subsequently consolidated at 1.2575, dipping 0.01%.
The pair was likely to find support at 1.2492, Friday’s low and resistance at 1.2636, Friday’s high and a nine-week high.
The dollar remained under pressure after Bernanke said the Fed would act as needed to strengthen the U.S. economic recovery, but he stopped short of indicating that a fresh round of stimulus is imminent.
Speaking at the Fed’s annual symposium in Jackson Hole, Wyoming, Bernanke said the persistently high rate of unemployment was a “grave concern” and added that the bank’s easing program had been effective in providing “meaningful support" to the recovery.
Markets were looking ahead to U.S. government data on non-farm payrolls on Friday, to see if the labor market has improved.
Demand for the euro continued to be underpinned by expectations that the ECB is working on measures to help stabilize the euro zone's sovereign debt markets ahead of its upcoming meeting on Thursday.
The euro was slightly lower against the pound and the yen, with EUR/GBP slipping 0.09% to 0.7923 and EUR/JPY sliding 0.15% to 98.43.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while markets in the U.S. were to remain closed for the Labor Day holiday.